US Government Transfers 2000 BTC to Coinbase

A US government-controlled wallet containing 30,174 BTC initiated a transfer of approximately 2000 BTC to a Coinbase Prime address. Experts suggest the assets may be sold.

The US Government sold 2,000 Bitcoin today.
These Bitcoin had been seized from James Zhong (stolen from Silk Road).

These Bitcoin went to Coinbase.

The US Government still holds 209K Bitcoin.

You can monitor the US Gov’s Bitcoin in this dashboard: https://t.co/ubPIErv9hg pic.twitter.com/o02WHM8Qb7

— Julio Moreno (@jjcmoreno) April 2, 2024

Initially, a test transaction of 0.001 BTC was conducted. The entire sum was then moved to a new storage address, from which 2000 BTC were transferred to the exchange.

This is presumably part of the assets seized from James Zhong. In April 2023, he was sentenced to one year in prison for stealing 50,000 BTC from the darknet marketplace Silk Road.

In December, an appeals court officially confirmed the confiscation of 69,370 BTC, which belonged to the illegal online platform shut down over a decade ago. The funds were seized in November 2020.

Silk Road founder Ross Ulbricht was found guilty in 2015 of operating the darknet market and other crimes, including drug trafficking and money laundering conspiracy. He was sentenced to two life terms.

According to CryptoQuant, the United States authorities continue to hold 208,899 BTC. At the time of writing, the value of the coins is approximately $13.8 billion.

In January, the US Department of Justice’s Drug Enforcement Administration seized a record $150 million in cryptocurrencies.